Bio-Lubricant Market by Base Oil Type (Vegetable Oil, Animal Fat), Application (Hydraulic Fluids, Metalworking Fluids, Chainsaw Oils, Mold Release Agents), End Use (Industrial, Commercial Transport, Consumer Automobile) - Global Forecast to 2022
The global bio-lubricants market is projected to grow at a CAGR of 6.4% during the forecast period
The bio-lubricants market size in 2017 is estimated at USD 2.47 billion and is projected to reach USD 3.36 billion by 2022 at a CAGR of 6.4% between 2017 and 2022. Environmental regulations, increasing production of vegetable oils, and emerging applications of bio-lubricants are some of the drivers of the market. Bio-lubricants are used across various end-use industries, and the long-term benefits of each application surpass their respective disadvantages. However, factors such as high prices and decline in crude oil prices are hindering the growth of the bio-lubricants market.
Hydraulic fluids - fastest-growing market for bio-lubricants
The hydraulic fluids application accounted for the largest share in terms of value, in 2016. The segment is also projected to grow at the highest CAGR during the forecast period. Hydraulic fluids are used in moving mechanical parts, cylinders in bridges and locks, elevators, and other fluids.
In the US and Canada, more than 75% of the elevators work on the principle of hydraulic fluids, which has a substantial market potential for bio-lubricants. Modified variants of bio-lubricants are being developed which remain in liquid form even at low temperatures with high oxidative stability. These lubricants have a long life span and are, therefore, expected to have increasing use in low-temperature applications. This is driving the market for the hydraulic fluids application segment.
Commercial transport – fastest-growing end-use segment of bio-lubricants
Commercial transport is projected to be the fastest-growing end-use segment of bio-lubricants. It consumes lubricants on a large scale. Lubricants are utilized in heavy vehicles, such as lorries, buses, agricultural machines, and marine transport. The marine industry is a major driver for the commercial transport segment due to concerns about the safe disposal of lubricants into the marine ecosystem. Various regulations are in place to ensure the use of biodegradable lubricants in the marine industry.
North America is projected to be the fastest-growing market for bio-lubricants
The market of bio-lubricants in North America is projected to grow at the highest CAGR during the forecast period. The Vessel General Permit imposed by the US EPA and the new product launches for various applications by leading manufacturers are expected to influence the demand for bio-lubricants in North America during the forecast period.
The major oil refining companies, which are in the conventional lubricants business, are supplying biodegradable lubricants for marine applications. Apart from these companies, most of the suppliers are small companies focused only on R&D in bio-lubricants. North America is expected to benefit from the abundance of feedstock, such as soybean in the US and rapeseed in Canada.
The break-up of primary interviews is given below.
• By Company Type - Tier 1 – 65%, Tier 2 – 20%, and Others – 15%
• By Designation - C level – 60%, Director level – 15%, and Others – 25%
• By Region - North America – 32%, Europe – 44%, Asia Pacific – 17%, and Middle East & Africa, and South America - 7%
The key companies profiled in this report are ExxonMobil (US), Shell (Netherlands), Fuchs (Germany), Chevron (US), BP (UK), Total (France), Emery Oleochemicals (Malaysia), Albemarle (US), Binol Biolubricants (Sweden), Panolin (Switzerland), Kluber Lubrication (Germany), and Rowe Mineralolwerk (Germany).
This research report categorizes the bio-lubricants market on the basis of the base oil type, application, end-use industry, and region. The report includes detailed information regarding the major factors, such as drivers, restraints, challenges, and opportunities, influencing the growth of the bio-lubricants market. A detailed analysis of the key industry players has been undertaken to provide insights on the businesses and the products & services offered by them. The report also discusses key strategies, such as expansions, mergers & acquisitions, new product developments, and agreements adopted by the leading players to strengthen their positions in the bio-lubricants market.
REASONS TO BUY THE REPORT
The report will help the market leaders/new entrants in this market in the following ways:
1. This report segments the bio-lubricants market comprehensively and provides the closest approximations of market sizes for the overall market and subsegments across verticals and regions.
2. The report will help stakeholders understand the pulse of the market and provide them information on the key market drivers, restraints, challenges, and opportunities.
3. This report will help stakeholders understand the major competitors and gain insights to enhance their positions in their businesses. The competitive landscape section includes expansions, new product developments, and mergers & acquisitions.
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